Best SIP Plans to Invest in India

Here is a list of the top mutual funds for SIPs to invest in 2023:

Best Mutual Funds for SIP in Detail

1. Quant Tax Plan- Direct-Growth Fund

   This is currently the best SIP plan with the highest 5-year returns and excellent performance quality. This Equity Linked Savings Scheme (ELSS) fund aims to achieve long-term capital appreciation by investing in financial, energy, precious metals, and consumer staples. 

   Since its inception on January 01, 2013, the scheme offered by Quant Mutual Fund house has consistently given high returns and kept the losses at their lowest during the falling market. The fund holds Assets Under Management (AUM) of Rs 2692 crores and an expense ratio of 0.57%.

2. Quant Active Fund Direct-Growth

   This open-ended equity fund aims to generate long-term capital appreciation. This fund makes investments in equity securities, mainly in the chemicals and material sectors. 

   It has doubled the invested amounts every 3 years as an equity-oriented, high-risk fund option. The fund was incepted on January 01, 2013, and currently, the Assets Under Management (AUM) are of Rs. 3556 crores, with an expense ratio of 0.58%.

3. PGIM India Midcap Opportunities Fund

   Launched on November 11, 2013, PGIM India Mutual Fund house's Midcap Opportunities Fund is a high-risk-taking mutual fund. The primary objective of the scheme is to seek long-term capital growth. 

   The Assets Under Management (AUM) under this scheme is of Rs. 7558 crores and has a 0.44% expense ratio, which is far lower than other midcap funds charges. The money is invested in equity and mostly in Consumer Discretionary and material sectors. The fund has proven records of doubling the invested money every 3 years. 

4. Parag Parikh Flexi Cap Fund

   PPFAS Mutual Fund came up with a Flexi-cap equity scheme on May 13, 2013. Currently, the Assets Under Management are of Rs. 28248 crores and an expense ratio of 0.76%, which is slightly more than Quant Fund.

    Doubling its investor's money every 3 years, the fund focuses on generating long-term capital growth. Primary investments are predominantly made in Technology, Consumer staples, and Automobiles sectors.

5. ICICI Prudential Gilt Fund Direct-Growth Plan

   The ICICI Prudential Gilt Fund scheme was launched on January 01, 2013, and holds Rs. 2639 crores worth of AUM until December 31, 2022. This medium risk-taking fund has a minimum investment limit of Rs. 1,000. 

   The predominant objective of the fund is to provide capital appreciation while lending to borrowers with an excellent score and decreasing the default risk. The scheme has given doubled the invested money every 9 years.

6. Edelweiss Equity Savings Fund Direct-Growth Plan

   Launched on September 22, 2014, Edelweiss Equity Savings mutual fund has an AUM of Rs 259 crores today. The scheme's primary objective is to seek long-term capital growth by currently investing around 36.22% in equity and 34.34% in debt-related securities. 

   The scheme does not guarantee any returns but has doubled its investors every 9 years. This fund invests majorly in the financial, energy, materials, and technology sectors. The downside is its low credit risk quality borrowers.

7. SBI Magnum Medium Duration Fund

   As a medium duration, this fund lends majorly to moderate credit risk and profile borrowers. The scheme's main objective is to provide long-term capital appreciation and has given average returns of 9.10%.

   Launched on January 01, 2013, and holds an AUM of Rs. 7146 crores with an expense ratio of 0.68%. Lending to better borrowers makes it a less defaulting fund.

8. ICICI Prudential Short-Term Fund Direct-Growth Plan

   This is a short-duration mutual fund scheme offered by ICICI Prudential Mutual Fund house. Launched on January 01, 2013, the fund focuses on generating long-term capital growth. The fund holds an AUM of Rs. 14590 crores and an expense ratio of 0.39%, which is low like other short-duration funds. 

   The money is invested in debt instruments, making it diversified among quality borrowers and lowering the default risks. As a result, the fund has been doubling the money of its investors every 9 years.

9. Quant Absolute Fund-Direct Growth Plan

   Quant Mutual Fund house offers this aggressive hybrid fund scheme to its investors to generate long-term capital growth, with its inception on January 01, 2013. The fund comes with an expense ratio of 0.56% and an AUM of Rs. 994 crores.

    Primary investments are predominantly made into equity (76.92%) and debt-related instruments (13.34%) of companies in the energy, consumer staples, metal mining, and services sectors. However, the borrower's quality lends to be of risky quality. So, invest in this fund with caution.

10. Kotak Debt Hybrid Fund Direct-Growth Plan

    This is a conservative hybrid fund offered by Kotak Mahindra Mutual Fund. The fund was launched on January 01, 2013, and currently holds an AUM of Rs. 1651 crores. The fund invests around 24.55% in equity assets and almost 69.52% in debt securities. 

    This fund is the best fit for investors who have a medium to low-risk appetite. The mutual fund scheme has doubled its investors' money every 7 years by lending and investing mostly in energy, automobile, and services sectors. The borrowers it lends to are also of moderate credit risk quality, making it a better fund.